HispanicBusiness

The nation's corn and soybean crops deteriorated in the week ending Sunday due to a prolonged heatwave and drought, the U.S. Agriculture Department reported.

By contrast, the condition of the spring wheat crop improved with 63 percent of the crop listed as good or excellent, a figure that only hit 60 percent a week earlier.

Corn and soybeans, however, showed marginally poorer conditions.

The report released late Monday said 24 percent of the corn crop was in good or excellent shape, compared to 26 percent in the previous week. Twenty-nine percent of the soybean crop was listed in the top two rankings, compared to 31 percent in the previous week.

Crops are listed in the report as in excellent, good, fair, poor and very poor condition.

Corn on Monday hit a record price, closing at $8.20 for the September delivery futures. Soybeans for front contract August delivery closed at $17.35 3/4.